Reading the market regime before prices move
Reading the market regime before prices move
Every number here is computed from the traded SPCX options chain. The call wall is where dealer hedging accumulates above spot and caps upside, the put wall is its mirror below, and the gamma flip is the level where hedging stops damping moves and starts amplifying them.
Computed
The gamma walls and flip point for SPCX are available to subscribers.
Price moves between these levels whether you see them or not. The difference is knowing them before your decision, not after.
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| Strike | Calls | Puts | Today's volume | Skew |
|---|---|---|---|---|
| 147.00 | ▮▮▮ | ▮▮▮ | ▮▮▮ | ▮▮▮ |
| 148.00 | ▮▮▮ | ▮▮▮ | ▮▮▮ | ▮▮▮ |
| 149.00 | ▮▮▮ | ▮▮▮ | ▮▮▮ | ▮▮▮ |
| 150.00 | ▮▮▮ | ▮▮▮ | ▮▮▮ | ▮▮▮ |
| 152.50 | ▮▮▮ | ▮▮▮ | ▮▮▮ | ▮▮▮ |
| 155.00 | ▮▮▮ | ▮▮▮ | ▮▮▮ | ▮▮▮ |
| 157.50 | ▮▮▮ | ▮▮▮ | ▮▮▮ | ▮▮▮ |
| 160.00 | ▮▮▮ | ▮▮▮ | ▮▮▮ | ▮▮▮ |
| 162.50 | ▮▮▮ | ▮▮▮ | ▮▮▮ | ▮▮▮ |
| 165.00 | ▮▮▮ | ▮▮▮ | ▮▮▮ | ▮▮▮ |
| 167.50 | ▮▮▮ | ▮▮▮ | ▮▮▮ | ▮▮▮ |
| 170.00 | ▮▮▮ | ▮▮▮ | ▮▮▮ | ▮▮▮ |
Session closes from to
| Day | Price | Gamma flip | Call wall | Put wall |
|---|---|---|---|---|
| 2026-09-28 | 146.31 | ▮▮▮ | ▮▮▮ | ▮▮▮ |
| 2026-09-29 | 148.67 | ▮▮▮ | ▮▮▮ | ▮▮▮ |
| 2026-09-30 | 151.71 | ▮▮▮ | ▮▮▮ | ▮▮▮ |
| 2026-10-01 | 149.44 | ▮▮▮ | ▮▮▮ | ▮▮▮ |
| 2026-10-02 | 159.48 | ▮▮▮ | ▮▮▮ | ▮▮▮ |
| Metric | Value |
|---|---|
| Max pain strike | ▮▮▮ |
| Put/Call ratio · today's volume | ▮▮▮ |
| Put/Call ratio · open interest | ▮▮▮ |
| 0DTE gamma flip | ▮▮▮ |
| 0DTE contracts in chain | ▮▮▮ |
| Total contracts read | ▮▮▮ |
Price 159.48 sits above the gamma flip ▮▮▮ by ▮▮▮% — a comfortable margin. Positioning is clearly positive: dealer hedging buys dips and sells rallies, so price tends to grind within a range rather than jump. Flipping this state would require a drop beyond ▮▮▮% — so it is not the nearest session scenario. Price is pinned to the call wall at ▮▮▮: breaking above it forces buy-side hedging that accelerates the move up, while rejection from it is the more frequent outcome.
The largest call cluster sits at ▮▮▮ and the largest put cluster at ▮▮▮ — 6.67% apart, a wide range. That does not imply a move is coming, only that the walls are far enough apart not to confine SPCX during the session, so flow leads rather than hedging.
Net gamma exposure for SPCX is ▮▮▮ — a limited size. Hedging for a 1% move is about ▮▮▮ shares. In this range hedging stays secondary to the stock's own flow, so the levels below should not be asked to carry more than they can.
and this reading is built on 922 contracts in the chain.
Over the last 23 days of tracking (248 archived snapshots), SPCX stayed above the gamma flip in 83% of readings، and the flip itself moved between ▮▮▮ and ▮▮▮ — a 12.28% range, which means the level moves with the market and does not serve as a fixed reference across days، and net exposure today is above the period average (▮▮▮).
